8 months ago
The latest K33 Research enactment asserts that the Cardano web has nary meaningful usage and this does not augur good for its autochthonal token. The enactment concludes that thing is happening connected the web but “exchange transfers and a radical of bagholders fabricating blockchain activity.”
‘Bagholders Fabricating Blockchain Activity’
According to K33 Research, the Cardano web has nary meaningful usage oregon immoderate credible way record, which does not bode good for its autochthonal token ADA. In 1 of its caller research notes, K33 Research asserts that thing is happening connected the web too “exchange transfers and a radical of bagholders fabricating blockchain activity.”
Who? Never heard of them
— Charles Hoskinson (@IOHK_Charles) January 15, 2024
To backmost these claims, the probe steadfast highlights Cardano’s stablecoin concern oregon the deficiency thereof. For K33 Research, a astute declaration web that has neither USDT nor USDC successful it means it is devoid of purposeful activity.
“Stablecoins are the preferred portion of speech for defi [decentralized finance] altcoin trading, particularly connected chains different than Ethereum. No USDT oregon USDC successful a web mostly means that nary meaningful defi occurs AND that Tether and Circle attest to this due to the fact that if thing went on, they would contented stablecoins there,” K33 Research wrote successful its note.
ADA Will Drift Into Irrelevance Over Time
Although determination are stablecoins connected the web — astir 20 cardinal Cardano-collateralized — K33 Research said the information that it trades astatine 76 cents to the dollar proves that thing is happening connected the network.
When asked astir his thoughts connected K33 Research’s claims, Cardano laminitis Charles Hoskinson responded by asking: “Who? Never heard of them.”
Meanwhile, successful summation to questioning the network’s deficiency of stablecoin activity, the K33 Research enactment concludes that without immoderate traction, not adjacent Cardano’s years of past volition prevention it from “drifting into irrelevance implicit time.” The enactment cites IOTA, NEO, EOS, and Concordium arsenic immoderate of the networks that met this fate.
Regarding Cardano’s autochthonal token ADA, which is valued astatine astir $19 billion, the probe enactment said the network’s “scientific mumbo-jumbo story” is the apt crushed wherefore radical person been lured into buying the crypto asset. However, with time, not adjacent Cardano’s assertion of being “a peer-reviewed research-driven blockchain network” volition halt ADA’s gradual disappearance from the crypto map, the probe said.
Do you hold with K33 Research’s assertions astir Cardano and its autochthonal token? Let america cognize what you deliberation successful the comments conception below.
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